![]() And during the past seven years, during which we reduced the top marginal rate to 35 percent, average growth was a more meager 1.71 percent." "The fact that the marginal rates were what would today be viewed as essentially confiscatory did not cause economic cataclysm - just the opposite. ![]() "During the period 1951-63, when marginal rates were at their peak - 91 percent or 92 percent - the American economy boomed, growing at an average annual rate of 3.71 percent," he wrote in February. Eliot Spitzer in a Slate magazine article evaluating 80 years of economic data. This is the provocative argument first floated by former New York Gov. ![]() And in the case of the WRSTGD, the most important of these is the idea that we are in economic dire straits because tax rates are too low. But as history (and Freakonomics) teaches, such oversimplified memes tend to obscure the counterintuitive notions that often hold the most profound truths. ![]()
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